Instead of "document code" I would draft a guideline saying something like:
"Write clear, well commented code. Your comments in the code should explain WHY the code does something, wherever the why is not immediately obvious. If HOW the code does its work is especially tricky or confusing, then you should explain the how in a comment as well."
Jeff, yes, I take your and Dirk's point, but since I'm not going to volunteer (not anytime soon anyway) to write the coding standards doc and refactor lots of code, I might as well post to the forums. :)